Capital Gains

KEVIN SLEVIN looks at new guidance that should reduce advisers’ worries about ER

JENNY NELDER outlines the basics of share valuation for taxation purposes

HMRC could be bound by Jan ‘03 guidance, says Tax Faculty

ROB DURRANT-WALKER looks at the capital gains implications for partners’ profits

Cherie Smith (TC1436)

RAY CHIDELL takes a fresh look at the meaning of plant, saying artwork in offices should qualify for allowances

LIZ HUNTER explores the possible outcomes of the Office of Tax Simplification's review of share schemes

Advice is required on the valuation of shares in a new holding company formed for a management buyout

Barker and others (TC1487)

A director of a one-man IT company has been trading for many years, but the current single contract is to end soon. The company has large cash reserves and the director is considering the purchase of a yacht. He is thinking about winding up the company and buying it personally, but is concerned about entrepreneurs’ relief

A limited company bought land and built houses on it, which were sold on the open market at a loss. Two years later, after a period of no trading, the company plans to renovate properties from another business and offset the losses from the earlier sales against the potential profits on these buildings

KEVIN SLEVIN wonders whether HMRC’s views of trading activities relating to the substantial shareholdings exemption will also apply to entrepreneurs’ relief